Mike Meena & Associates Home Loans, 25129 The Old Road Suite 350, Santa Clarita, CA (2026)

09/26/2023

The studio workers are returning to work, and I am happy for them, assuming everything starts soon now that the strike is over. What does that mean if they are getting a loan?

The strike was 146 days, 40% of the year, making it difficult for many workers to qualify for a mortgage. Oh, wait a minute? I am being told that 90% of those workers were on disability, not Unemployment! Now, that's a different story altogether!

When calculating hourly wage income, we must average the pay for the time worked over the past two-plus years. We can deduct time that a person is on disability from the months we would use to calculate income. We must keep the months for someone on Unemployment!

We have a borrower who made $144,000.00 in 2021, 156,000.00 in 2022, and $70,200 Year to date before the strike. Now he is back to work, YAY!

To calculate the income with disability, we can take away the 146 days he was "injured," so the average income is:
$144K + $156K + $70.2K = $370.2 / 29.4 months = $12,591.84 per month
The unemployed guy with the same job and the same income will have the following calculation:
$144K + $156K + $70.2K = $370.2 / 33 months = $11,218.18 per month. Oh, no, he won't! The average income is declining this year, so the income is $70,200.00 / 9 = $7800 monthly!
Be careful with those online approvals as many of the lenders do not know this because they have never dealt with this! This can and will be an issue and I am here to cross qualify if needed.

I know what you are thinking: this is unfair because the guy who faked the disability can qualify for a much larger loan than the honest guy who went on Unemployment! Guess what? Life is not fair, and I know you know that!

Condo / Townhome issues we know of now:
1. American Beauty Village - Insurance
2. Scenic Hills - Insurance
3. Mariposa - Litigation - Agreed upon, but not yet recorded
4. Bouquet Canyon Village - Insurance
5. Scenic Hills - Insurance
6. Madison - Litigation
7. West Creek / West Hills - Insurance
8. Cornerstone - Insurance
9. Canyon Oaks - This is new!!!

Please let me know if you hear something new on Condos or Townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!

Friday was an excellent day for interest rates, but Monday took away all the gains and more! Today is more of the same, and rates are increasing again! We will see where this takes us; rates are the highest since 2002.
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the high 6's.
• Conventional Loans up to $726,200.00 are in the high low to mid 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in 7's
• Jumbo loans above $1,089,300 are in the 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 7's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 8.25% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until October???
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

09/19/2023

I mentioned this a few months ago, but it is time to do it again. The 42% of the homeowners who own their primary residence free and clear are not interest rate sensitive. I mention this because these things move the market, and people willing to buy and sell have to find the house they want before they list and sell their home. Getting more inventory will help things immensely, and people don't know they want to sell until we have that discussion. How many people are living in a two-story house and owe nothing on it but would like to move to a single-story home? How many people out there have a home that needs upgrades but don't have the cash, patience, or knowledge to go through a complete remodel. Some people have not been in their pool for 10 years since their kids were small and want to eliminate the expense of having a pool? Others are approaching their $250K/$500K Property Tax Exemption limit.

So let's take a person who owes nothing on their house, and they find the dream home that they want. Their current home is worth $1.1 Mil, and their new home is priced at $1.0 Mil. We can get them a loan for the $1.0 Mil with no qualifications required on a Bridge Loan. No income qualification, no asset qualifications, no credit qualifications, NO QUALIFICATIONS! We have closed dozens of these loans this year, and they go very well, and we can close them very quickly. We can do the same when they have loans and get them from house A to house B quickly and easily.

Condo / Townhome issues we know of now:
1. American Beauty Village - Insurance
2. Scenic Hills - Insurance
3. Mariposa - Litigation - Agreed upon, but not yet recorded
4. Bouquet Canyon Village - Insurance
5. Scenic Hills - Insurance
6. Madison - Litigation
7. West Creek / West Hills - Insurance
8. Cornerstone - Insurance

Please let me know if you hear something new on Condos or Townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!

Interest rates were better yesterday and worse today. It's a see-saw battle right now, and lower rates will hit us someday!
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

09/14/2023

I think we can all agree that interest rates will start to drop at some point next year. We have yet to determine when that will be, but I have moved my guess from the spring to the fall. With higher interest rates 7% ish, higher insurance rates, and higher prices, we have to give some good news when showing property. Inventory looks like it will be low for years and what can we tell our buyers as we head into the "slow season."

I want to share the price per $1000 paid for a property today so you can better understand what buyers see.

0 Down VA Loan - $7.53 per $1000 property - 800K property =$6025.74
3.5% Down FHA - $7.87 per $1000 property - 800K property =$6299.78
5% Down Conventional - $7.88 per $1000 property - 800K property =$6309.52
10% Down Conventional - $7.49 per $1000 property - 800K property =$5999.34
20% Down Conventional - $6.69 per $1000 property - 800K property =$5353.64

When rates drop by 1%
0 Down VA Loan - $6.89 per $1000 property - 800K property =$5517.63 vs. $6025.74
3.5% Down FHA - $7.25 per $1000 property - 800K property =$5800.57 vs. $6299.78
5% Down Conventional - $7.26 per $1000 property - 800K property =$5810.03 vs. $6309.52
10% Down Conventional - $6.91 per $1000 property - 800K property =$5526.14 vs. 5999.34
20% Down Conventional - $6.16 per $1000 property - 800K property =$4933.01 vs. 5353.64

When rates drop by 2%
0 Down VA Loan - $6.29 per $1000 property - 800K property =$5035.52 vs. 5517.63 vs. $6025.74
3.5% Down FHA - $6.70 per $1000 property - 800K property =$5366.07 vs. $5800.57 vs. $6299.78
5% Down Conventional - $6.67 per $1000 property - 800K property =$5333.53 vs. $5810.03 vs. $6309.52
10% Down Conventional - $6.34 per $1000 property - 800K property =$5074.72 vs. 5526.14 vs. 5999.34
20% Down Conventional - $5.66 per $1000 property - 800K property =$4531.75 vs. 4933.01 vs. 5353.64

I know there are a lot of numbers, but when we speak with clients, we need to make sure they understand that the future looks better than today! A 4.99% interest rate may happen within 18 months, so they have to hold on, cut the budget, and then they can have fun once rates drop again!

7% seems to be the tipping point where prices stop increasing at a crazy pace, and 8% (which should not happen) is where prices may start falling. So, 9% (This better not happen) would push values down more than 8%. 6% will push prices up faster than now, and the market will go wild at 5% or below.

I hope this helps you, and please let me know if you need anything from me.

Condo / Townhome issues we know of now:
American Beauty Village - Insurance
Scenic Hills - Insurance
Mariposa - Litigation - Agreed upon, but not yet recorded
Bouquet Canyon Village - Insurance
Scenic Hills - Insurance
West Creek / West Hills - Insurance
Cornerstone - Insurance (I think they may be a few weeks away from renewal, so you may be able to sneak something in?)
Please let me know if you hear something new on Condos or Townhouses.
We will see premiums increasing, likely increasing the HOA Fees soon!

Interest rates got better yesterday, and they are trending higher today. Inflation is still around and rearing its ugly head again today! Hang in there, as the future looks bright!
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all weekend if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

09/12/2023

I have been speaking with many agents lately who are expanding their market and taking listings of units or small commercial properties. Then they are asking me how to price it! LOL! I have been asked three times this month, so I wanted to share information about the commercial markets and what a CAP Rate means to a buyer.

If you are taking a listing, you first need to get the rental income and expenses to figure out the CAP rate and the eventual price. If your seller is receiving, say, $10,000.00 per month in rent and annual expenses of $35,000.00, that's a good start. You will have to make adjustments for the new taxes and the new insurance costs, and you deduct all of those expenses, say $42,000.00, to come up with your net annual income.
In this case, it is $78,000.00. Now you have to analyze the rents and if the property is in a rent control area that is pretty restrictive like the City of Los Angeles, or if it is in the county or elsewhere where you can have annual increases in rent of 10%. Two identical properties can have extremely different values based on their current rental income. Too many landlords mismanage their properties and don't raise rents, and when they sell a property, they feel that they can get the same price as a person with higher rents, which is not the case, especially when there is restrictive rent control. So, the property above has Proforma rents of $15,000.00 monthly, but they are receiving $10,000.00. That's a difference of $60,000.00 to the bottom line. The $10,000.00 has rental upside, so there is value there, but at the end of the day, the property earning 15K a month receives $138,000.00 in net annual income, and the one getting $10,000.00 receives $78,000.00.

A seller wants to sell a property at the lowest Cap rate possible, and a buyer wants to buy a property with the highest Cap rate and upside. Let's say, the two properties above sell at a 5% Cap rate.
The first one with a $78,000.00 net would sell at $1,560,000.00, and the one with $138,000.00 would sell at $2,760,000.00. If that were the case, then I would buy the first one, as it has huge upsides to the rents. So, that seller tests the waters at a 4% Cap rate, thinking that the tenants could return to market rents over time. Still, at a 4% Cap rate, the asking price will be $1,950,000.00. If you want to sell your mismanaged building for $2,760,000.00 like your neighbor, you would have to convince a buyer to take a 2.83% Cap Rate.

A 5% Cap rate equals earning 5% on your money if you pay cash for the property. You can see above that sales comparables do not hold for commercial like residential properties. You can also see that managing a building properly is very important, and most people who self-manage start to look at tenants as friends, which is a bad idea! Having a buffer (Property Manager) between the tenants and the buyers is always a good idea!

I know the above can be confusing, so if you have a listing appointment and give me the basics, I am happy to review everything and give you my 2 cents.

Condo / Townhome issues we know of now:
American Beauty Village - Insurance
Scenic Hills - Insurance
Mariposa - Litigation - Agreed upon, but not yet recorded
Bouquet Canyon Village - Insurance
Scenic Hills - Insurance
West Creek / West Hills - Insurance
Cornerstone - Insurance (I think they may be a few weeks away from renewal, so you may be able to sneak something in?)
Please let me know if you hear something new on Condos or Townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!

Interest rates are flat this week. Have no fear, the CPI will likely change that tomorrow!
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

09/07/2023

Solar Panels are becoming increasingly popular on properties, but please understand that they only ADD VALUE on an appraisal if there are similar comparable sales with solar. If you have Solar panels, leased solar is not a comparable sale. If you have an ADU that costs you $100,000.00 and has no similar sales, then the ADU will have limited value. With limited sales lately, finding comparable sales for some of our unique properties is becoming harder. Remember that Appraisals are not an exact science; the appraisals are run through a computer and graded based on adjustments. The automated system could request an appraisal review if the adjustments exceed the usual parameters.

Condo / Townhome issues we know of now:
o American Beauty Village - Insurance
o Scenic Hills - Insurance
o Mariposa - Litigation - Agreed upon, but not yet recorded
o Bouquet Canyon Village - Insurance
o Scenic Hills - Insurance
o West Creek / West Hills - Insurance
o Cornerstone - Insurance (I think they may be a few weeks away from renewal, so you may be able to sneak something in?)
Please let me know if you hear something new on Condos or Townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!

Interest rates got beat up in the past few sessions. Today is a recovery day, and let's hope the rally holds or improves. Rates are off their Augusta 21 highs, and nobody knows what is next!
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all weekend if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

09/01/2023

It has been a crazy week so far, and it has nothing to do with opening a bunch of escrows. Meeting, planning, and putting new products on the shelf is my job, and today, we have a pretty big announcement. We have heard about these companies purchasing properties in cash and then selling them to the end-use buyer with a 2% additional charge. We are doing the same thing, and I wanted to give you a couple of options, so here is how the deal works:

Buyers want to buy a house for 1.2 Mil and have 5%-99% down, and we can close in 10-12 days. The listing agent says she has an all-cash buyer, and the seller wants all cash! UGH! Bidding goes up to 1.3, and the buyer agrees to pay 1.3 but can't pay cash, so they go to us to buy the house for cash, and we do that. We close at 1.3, having them fully approved, and they purchase the home back from us at $1,326,000. Plus they will pay both halves of the escrow fees plus the escrow fees on the purchase we just made. We will open an Escrow for them to purchase the house with a 5% NON- Refundable deposit if they don't close Escrow on the house.

Now, the math:
So let's say Escrow is 15K – 25K (3 sides total) plus or minus, and they pay the $26,000.00 to pay cash, then they are out $40K - $50K +/-.

Another option is to set it up with a Bridge Loan and put this terminology into the offer and see if that will work like cash:
Augusta Financial is a privately owned Mortgage Company that does traditional and non-traditional loans. This loan is NOT subject to further qualifications such as income, assets, credit, etc. We are closing this with a Non-Traditional Bridge Loan, and the buyer will refinance after we close Escrow. Augusta Financial does not need further approval to complete this purchase loan. This loan can fund in as little as seven business days from the time Augusta Financial receives a full package.

Getting a Bridge Purchase loan will allow the buyer to pay fees on the loan amount instead of the purchase price. They will only have one additional refinance escrow fee (About $4000.00), and they will do that immediately. Assuming this is a 20% down payment, the costs would be approximately $30,000.00, including the refinance, assuming they get a no-point loan. This savings is $10,000.00 to $20,000.00 or more. Now the question is, can you get an agent to accept the Bridge offer with the above verbiage, or do we have to buy the house in cash? Either way, we are ready to go and help your buyers!

Interest rates have improved five days in a row and nine out of the past ten days. We are still at high levels, but Government loans have a 6 in front of them, and so do some conventional loans! Stay positive and keep grinding.
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 40% down with reserves! In the 6's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all weekend if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

08/24/2023

August 24, 2023. MAMBA DAY! I love this day because Kobe meant so much to me as a Lakers fan and a hard worker. I watched the Redeem Team Documentary about the 2008 Olympic Basketball team with my Dad on Sunday. As you get to the film's second half, the US Olympic team brings in Kobe, and he shows what work ethic and dedication mean. Love or hate him; you must respect him and his hard work. His Mamba Mentality spread through the Olympic team, and he had every team member trying to match his work ethic. We all have to fight through adversity; this market is no different from what he did for 20 years.

Kobe tore his Achilles, walked to the free-throw line, made two free throws and walked off the court under his own power. He worked out four times daily to ensure he was getting better and creating separation between himself and his peers. He watched tape not only of himself and other teams, but of the officials to see where they positioned themselves so he could see where he could take advantage of an opponent without the officials noticing. A lot of you agents have that one down! LOL! Kobe didn't like to pass the ball to players he felt didn't work as hard as he did because he didn't think they were prepared to make the big shot!

In 2019, there were 130,000 Mortgage originators in the US. In 2021, there were 174,000, and now there are just 97,000, and only about 2/3rds of the 97,000 will make a living this year.

I know it is no different for Real Estate agents. Could Kobe have been a good Realtor or Loan Officer? With his work ethic, drive to be the best, his have-no-fear attitude, and so much more, there is no doubt in my mind that Kobe would have been the best Realtor, Loan Officer, Escrow Officer, Writer, Producer, Dad we have ever seen.

The market is tough, and with knowledge, studying, hard work, discipline, drive, and a little luck, we can all close out this year on a solid note.

Happy belated Birthday, Kobe Bean Bryant! You were exceptional, and your Mamba Mentality keeps me pushing daily to be the best. I hope you and Gigi can help us with interest rates and inventory. We miss you! Happy Mamba Day!

Interest rates had a great day yesterday! One day in a row! YAY! Today could be better, but the overall rates are better than in the past week.
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 20% down with reserves! In the 9's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all weekend if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

08/22/2023

Happy Tuesday, and I hope you are doing well! I try to stay in front of things, and as many of you know, we had a program called the California Dream for All, where the state put up a 20% down payment for a 20% share in the property's equity. This program was in such high demand that it lasted 11 days before the money was gone.

Rumor has it this program will again be available this October, so we are telling people to get pre-approved NOW if they want to buy a home using this program. I like the program as it helps first-time buyers get a house with 0 down and saves them 20% on the mortgage payment. It's like taking a 7% rate and pushing it down to 5.6%. You can refinance the property and buy out the state when rates decrease. The loan has no PMI, and the income limits are generous at $180,000.00 household income. A first-time buyer has not owned a property in three years.

The California Dream For All may be the best opportunity for some people to buy soon, so let's get their applications in ASAP. Once released, this program will last 5-15 days, so they need to get approved NOW!

It's a tremendous excuse to call every lead you ever had!

Please let me know if you or anyone you know have any questions, and I hope to hear from you soon.

Interest rates are interesting! We had a Hurricane that almost blew us away over the weekend at 3 MPH, so predicting anything can be difficult. Yes, I am still hunkering down in my office, waiting for the storm to pass!
• 12-day escrows if your buyer is pre-approved – Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.
• Government Loans (FHA / VA) are in the low to mid 6's.
• Conventional Loans up to $726,200.00 are in the low to mid 6's and low 7's.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6's and 7's
• Jumbo loans above $1,089,300 are in the 6's and 7's
• Bank statement loans – They are available with 10% down again! 7's and 8's + depending on down and credit score.
• No income qualifier - 20% down with reserves! In the 9's!
• 0 down loans are in the mid to high 6's - 660 credit score min right now, up to $740,000.00.
• Private Money lenders – hard Money Loans - 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans – are typically 7.99% with limited fees - But they get you where you need to go!
• 0 down California Dream for all Equity Share - Postponed until 2024!
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text me at 661-714-6258 or email me at [email protected]. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

Mike Meena & Associates Home Loans

09/26/2023

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